Reverse Innovation Competition (RIC)

MYRA is proud to announce the launch of the MYRA Annual Reverse Innovation Competion (RIC) on January 6, 2013.

About RIC:

RIC aims to kindle, encourage, support, and help develop effective Sustainable Business Innovations in India. This is one of the flagship programmes of the CESBI (Centre of Excellence in Sustainable Business Innovations) at MYRA. Targeted at the youth in India, we encourage teams to submit an executive summary of their “Reverse Innovation” ideas.

This competition is to encourage and support Indian youths to think, ideate and come up with ingenious solutions for transforming India.

Reverse Innovation

According to Prof. Vijay Govindarajan (VG), author of the book “Reverse Innovation” Reverse Innovation refers to the process whereby inexpensive goods developed to meet the needs of developing nations are then repackaged as low-cost innovative goods for Western buyers, which creates new markets and uses for these innovations. VG has popularized the idea of and the term “Reverse Innovation” through his writings and Wall Street Journal and New York Times bestselling book.

Reverse Innovation is about innovating within constraints. It is about coming up with creative ideas to turn disadvantages into prospects. India and Indians thrive in chaos through a flexible and adaptive approach to emergent scenarios. We are known for local optimization. Confronting constraints creatively and ingenuously lead to innovation of a different kind and that is broadly referred to as “Reverse Innovation”.

The phenomenon of reverse innovation applies across the board – from modern day marketing and supply-chain issues, to theoretical works by John Hagel, John Seely Brown, and C.K. Prahalad.

Examples of Reverse Innovation can be found across various industries and geographies: Nokia is testing new business models for classified ads in Kenya and has also created new features in its hand-held phones sold in the US, based on observations of how phones are shared in Ghana. Microsoft is creating new phone app services for “dumb” phones, which allow users with existing, non-smartphone devices to access Web sites such as Twitter and Facebook. Built for markets in India and South Africa, there are surprising potential for these apps as a low-cost cloud-computing platform. GE is now selling an ultra-portable electrocardiograph machine (originally built by GE Healthcare for doctors in India and China) in the US at an 80% markdown for similar products. Nano from Tata Motors is another great example of Reverse Innovation. Conceived to provide cost effective transport vehicle for Indian middle-class families, it is now expanding its reach across the globe.

MYRA’s REVERSE INNOVATION COMPETITION (RIC)

The Reverse Innovation idea resonates with MYRA’s academic philosophy and is in sync with our organizational DNA. The RIC is closely associated with and is endorsed by VG.

WHY PARTICIPATE ?

A spur to give wings to your big ideas

A great platform to showcase your innovations

A strong network of mentors to crystalize, sharpen, advance and strengthen your dreams for India

Finalists will have an opportunity to consult with experts and venture capitalists to help develop their ideas and proposals

Winners get INR 100,000!

WHO CAN PARTICIPATE ?

The competition would be open to anybody in India below the age of 40.

People can participate in teams of 2-5 people.

WHAT KIND OF IDEAS ?

The RIC requires teams to submit an “Innovative Idea” which is along the lines of Reverse Innovation.

Teams must propose an innovation, which solves one of the challenges/problems of Indian society and is self-sustainable

It could be a product or a process innovation

The proposal should outline the details of the principles and working of a prototype

HOW TO PARTICIPATE :

An online system for proposal submission will be available from January 15, 2013

The details of the contest and the process and criteria will also be made available soon

The submissions will be open from January 15, 2013 to April 14, 2013

An expert panel will review all submissions and five teams would be shortlisted. MYRA faculty and Industry mentors will mentor the finalists.

The finalists will be invited to the Reverse Innovation Challenge Grand Finale to be held in May/June 2013

The finalists’ ideas would be showcased on MYRA’s RIC Website

The selected winner will be given a Seed Funding of one lakh rupees to come up with the detailed project proposal and also set up the project at the Centre of Excellence in Sustainable Business Innovations (CESBI) at MYRA School of Business

MYRA will also help with VC funding for taking the idea to the next stage